SEGMENT REPORTING (Tables)

12 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Summary of segment reporting

The following table summarizes the Trust's segment reporting for the year ended September 30, 2015 (dollars in thousands):

	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate properties	$	75,643		$	5,715		$	81,358
Other income	—			1,139			1,139
Total revenues	75,643			6,854			82,497
Expenses:
Real estate operating expenses	38,000			5,219			43,219
Interest expense	18,944			5,233			24,177
Advisor's fee, related party	2,077			371			2,448
Property acquisition costs	1,885			—			1,885
General and administrative	6,314			369			6,683
Depreciation and amortization	18,336			2,359			20,695
Total expenses	85,556			13,551			99,107
Total revenues less total expenses	(9,913		)	(6,697		)	(16,610		)
Gain on sale of real estate	14,404			601			15,005
Net income (loss)	4,491			(6,096		)	(1,605		)
Plus: net (income) loss attributable to non-controlling interests	(4,482		)	3,699			(783		)
Net income (loss) attributable to common shareholders	$	9		$	(2,397	)	$	(2,388	)
Segment assets at September 30, 2015	$	616,909		$	218,970		$	835,879

NOTE 12—SEGMENT REPORTING - (continued)

The following table summarizes the Trust's segment reporting for the year ended September 30, 2014 (dollars in thousands):

	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate properties	$	60,362		$	4,892		$	65,254
Other income	4			1,091			1,095
Total revenues	60,366			5,983			66,349
Expenses:
Operating expenses relating to real estate properties	32,347			4,720			37,067
Interest expense	16,212			4,458			20,670
Advisor's fee, related party	1,466			335			1,801
Property acquisition costs	2,542			—			2,542
General and administrative	5,887			437			6,324
Depreciation and amortization	13,828			1,748			15,576
Total expenses	72,282			11,698			83,980
Loss from continuing operations	(11,916		)	(5,715		)	(17,631		)
Plus: net loss attributable to non-controlling interests	759			5,953			6,712
Net (loss) income attributable to common shareholders before reconciling adjustments	$	(11,157	)	$	238		(10,919		)
Other income							65
Discontinued operations							1,400
Net loss attributable to common shareholders							$	(9,454	)
Segment assets at September 30, 2014	$	569,357		$	163,246

NOTE 12—SEGMENT REPORTING - (continued)

The following table summarizes the Trust's segment reporting for the year ended September 30, 2013 (dollars in thousands):

	Multi-Family Real Estate			Other Real Estate			Total
Revenues:
Rental and other revenues from real estate properties	$	27,265		$	3,327		$	30,592
Other income	—			1,270			1,270
Total revenues	27,265			4,597			31,862
Expenses:
Operating expenses relating to real estate properties	13,570			2,839			16,409
Interest expense	8,193			3,785			11,978
Advisor's fee, related party	750			221			971
Property acquisition costs	2,637			—			2,637
General and administrative	5,490			372			5,862
Depreciation and amortization	6,119			975			7,094
Total expenses	36,759			8,192			44,951
Total revenues less total expenses	(9,494		)	(3,595		)	(13,089		)
Gain on sale of partnership interest	—			5,481			5,481
(Loss) income from continuing operations	(9,494		)	1,886			(7,608		)
Discontinued operations:
Gain on sale of real estate assets	—			769			769
Income from discontinued operations	—			769			769
Net (loss) income	(9,494		)	2,655			(6,839		)
Plus: net loss attributable to non-controlling interests	480			2,444			2,924
Net (loss) income attributable to common shareholders before reconciling adjustments	$	(9,014	)	$	5,099		(3,915		)
Reconciling adjustments:
Other income							141
Gain on sale of available-for-sale securities							530
Discontinued operations							8,257
Net income attributable to common shareholders							$	5,013
Segment assets at September 30, 2013	$	312,962		$	149,487